2 asset classes and讲义 financial instruments新
《ACCA考试之财务管理 FINANCIAL MANAGEMENT》课件PPT 1 Financial Management and financialobjectives
➢management accounting is concerned with day-to-day planning, control and decision making.
8
Exam guide
Discussion question, or Financial ratios computation and discussion
9
1 the nature, purpose and scope of financial management
Fast forward
Financial management decisions cover investment decisions, financing decisions, dividend decisions and risk management.
15
1.4 Financial management decisions
Investment decisions
Allocation of resources
Fixed assets Current assets Risk and return expected
16
1.4 Financial management decisions
➢ financial accounting reports to external interested parties the results of the decisions taken by management (historical information), not directly involved in the day-to-day planning, control and decision making of an oቤተ መጻሕፍቲ ባይዱganization
财务分析(双语课)
财务分析（双语课）Financial Analysis (双语课)财务分析是指从财务角度对企业经营状况进行的分析，旨在揭示企业的财务状况、盈利能力、偿债能力、运营能力等方面的情况。
Financial analysis refers to the analysis of enterprise operating conditions from a financial perspective, aiming to reveal the company's financial status, profitability, debt repayment ability,and operational capabilities.财务分析的四大基本原则包括全面、系统性、定量化和相对性，通过对财务报表上的数据进行处理和分析，产生出一系列重要的财务比率和指标，这些指标可以帮助投资者、债权人、政府、分析师等各种利益相关者更好地理解企业的财务状况和运营状况，从而做出更加合理的决策。
The four basic principles of financial analysis include comprehensiveness, systematicity, quantification, and relativity.By processing and analyzing the data on financial statements, a series of important financial ratios and indicators are generated. These indicators can help investors, creditors, governments, analysts and other stakeholders to better understand the financial and operational conditions of enterprises, and make more reasonable decisions.财务分析的核心就是利用财务比率和指标，对企业的财务状况、盈利能力、偿债能力、运营能力等方面的情况进行分析，以此评估企业的投资价值和风险程度。
BKM 9e Ch 02
CHAPTER 2: ASSET CLASSES AND FINANCIALINSTRUMENTSPROBLEM SETS1. Preferred stock is like long-term debt in that it typically promises a fixed paymenteach year. In this way, it is a perpetuity. Preferred stock is also like long-termdebt in that it does not give the holder voting rights in the firm.Preferred stock is like equity in that the firm is under no contractual obligation tomake the preferred stock dividend payments. Failure to make payments does not set off corporate bankruptcy. With respect to the priority of claims to the assets of thefirm in the event of corporate bankruptcy, preferred stock has a higher priority than common equity but a lower priority than bonds.2. Money market securities are called “cash equivalents” because of their greatliquidity. The prices of money market securities are very stable, and they can beconverted to cash (i.e., sold) on very short notice and with very low transactioncosts.3. (a) A repurchase agreement is an agreement whereby the seller of a securityagrees to “repurchase” it from the buyer on an agreed upon date at an agreedupon price. Repos are typically used by securities dealers as a means forobtaining funds to purchase securities.4. The spread will widen. Deterioration of the economy increases credit risk, thatis, the likelihood of default. Investors will demand a greater premium on debtsecurities subject to default risk.5.Corp. Bonds Preferred Stock Common Stock Voting Rights (Typically) Yes Contractual Obligation YesPerpetual Payments Yes Yes Accumulated Dividends YesFixed Payments (Typically) Yes YesPayment Preference First Second Third6. Municipal Bond interest is tax-exempt. When facing higher marginal tax rates, ahigh-income investor would be more inclined to pick tax-exempt securities.7. a. You would have to pay the asked price of:86:14 = 86.43750% of par = $864.375b. The coupon rate is 3.5% implying coupon payments of $35.00 annually or,more precisely, $17.50 semiannually.c.Current yield = Annual coupon income/price= $35.00/$864.375 = 0.0405 = 4.05%8. P = $10,000/1.02 = $9,803.929. The total before-tax income is $4. After the 70% exclusion for preferred stockdividends, the taxable income is: 0.30 × $4 = $1.20Therefore, taxes are: 0.30 × $1.20 = $0.36After-tax income is: $4.00 – $0.36 = $3.64Rate of return is: $3.64/$40.00 = 9.10%10. a. You could buy: $5,000/$67.32 = 74.27 sharesb. Your annual dividend income would be: 74.27 × $1.52 = $112.89c. The price-to-earnings ratio is 11 and the price is $67.32. Therefore:$67.32/Earnings per share = 11 Þ Earnings per share = $6.12d. General Dynamics closed today at $67.32, which was $0.47 higher thanyesterday’s price. Yesterday’s closing price was: $66.8511. a. At t = 0, the value of the index is: (90 + 50 + 100)/3 = 80At t = 1, the value of the index is: (95 + 45 + 110)/3 = 83.333The rate of return is: (83.333/80) − 1 = 4.17%b. In the absence of a split, Stock C would sell for 110, so the value of theindex would be: 250/3 = 83.333After the split, Stock C sells for 55. Therefore, we need to find thedivisor (d) such that: 83.333 = (95 + 45 + 55)/d ⇒ d = 2.340c. The return is zero. The index remains unchanged because the return foreach stock separately equals zero.12. a. Total market value at t = 0 is: ($9,000 + $10,000 + $20,000) = $39,000Total market value at t = 1 is: ($9,500 + $9,000 + $22,000) = $40,500Rate of return = ($40,500/$39,000) – 1 = 3.85%b.The return on each stock is as follows:r A = (95/90) – 1 = 0.0556r B = (45/50) – 1 = –0.10r C = (110/100) – 1 = 0.10The equally-weighted average is:[0.0556 + (-0.10) + 0.10]/3 = 0.0185 = 1.85%13. The after-tax yield on the corporate bonds is: 0.09 × (1 – 0.30) = 0.0630 = 6.30%Therefore, municipals must offer at least 6.30% yields.14. Equation (2.2) shows that the equivalent taxable yield is: r = r m /(1 – t)a. 4.00%b. 4.44%c. 5.00%d. 5.71%15. In an equally-weighted index fund, each stock is given equal weight regardless of itsmarket capitalization. Smaller cap stocks will have the same weight as larger capstocks. The challenges are as follows:•Given equal weights placed to smaller cap and larger cap, equal-weighted indices (EWI) will tend to be more volatile than their market-capitalization counterparts;•It follows that EWIs are not good reflectors of the broad market whichthey represent; EWIs underplay the economic importance of largercompanies;•Turnover rates will tend to be higher, as an EWI must be rebalancedback to its original target. By design, many of the transactions would beamong the smaller, less-liquid stocks.16. a. The higher coupon bond.b. The call with the lower exercise price.c. The put on the lower priced stock.17. a. You bought the contract when the futures price was $3.835 (see Figure2.10). The contract closes at a price of $3.875, which is $0.04 more than theoriginal futures price. The contract multiplier is 5000. Therefore, the gain willbe: $0.04 × 5000 = $200.00b. Open interest is 177,561 contracts.18. a. Since the stock price exceeds the exercise price, you exercise the call.The payoff on the option will be: $21.75 − $21 = $0.75The cost was originally $0.64, so the profit is: $0.75 − $0.64 = $0.11b. If the call has an exercise price of $22, you would not exercise for any stockprice of $22 or less. The loss on the call would be the initial cost: $0.30c. Since the stock price is less than the exercise price, you will exercise the put.The payoff on the option will be: $22 − $21.75 = $0.25The option originally cost $1.63 so the profit is: $0.25 − $1.63 = −$1.3819. There is always a possibility that the option will be in-the-money at some time prior toexpiration. Investors will pay something for this possibility of a positive payoff.20.Value of call at expiration Initial Cost Profita. 0 4 -4b. 0 4 -4c. 0 4 -4d. 5 4 1e. 10 4 6Value of put at expiration Initial Cost Profita. 10 6 4b. 5 6 -1c. 0 6 -6d. 0 6 -6e. 0 6 -621. A put option conveys the right to sell the underlying asset at the exercise price. Ashort position in a futures contract carries an obligation to sell the underlying asset at the futures price.22. A call option conveys the right to buy the underlying asset at the exercise price.A long position in a futures contract carries an obligation to buy the underlyingasset at the futures price.CFA PROBLEMS1.(d)2. The equivalent taxable yield is: 6.75%/(1 − 0.34) = 10.23%3. (a) Writing a call entails unlimited potential losses as the stock price rises.4. a. The taxable bond. With a zero tax bracket, the after-tax yield for thetaxable bond is the same as the before-tax yield (5%), which is greater thanthe yield on the municipal bond.b. The taxable bond. The after-tax yield for the taxable bond is:0.05× (1 – 0.10) = 4.5%c. You are indifferent. The after-tax yield for the taxable bond is:0.05 × (1 – 0.20) = 4.0%The after-tax yield is the same as that of the municipal bond.d. The municipal bond offers the higher after-tax yield for investors in taxbrackets above 20%.5.If the after-tax yields are equal, then: 0.056 = 0.08 × (1 – t)This implies that t = 0.30 =30%.。
Bodie2e_Chapter01 Financial Economics 英文版PPT金融学(第二版) 教学课件
– strategic plans may change radically over time
– the firm’s business may be defined in terms of a group of products, technologies or customers
12 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
– The basic unit of analysis is the investment project. Investment projects are identified,
triaged, and implemented in the capital budgeting process
13 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
1.5 Forms of Business Operation
• 1.6 Separation of Ownership and Management
• 1.7 The Goal of Management
• 1.8 Market Discipline: Takeovers
金融学英文课件 (5)
3-9
Characteristics of Financial Instruments
• Contracts are very complex. • Complexity is costly and people do not want to bear these costs. • Standardization of financial instruments overcomes potential costs of complexity.
3-11
Characteristics of Financial Instruments…cont
• The solution to high cost of obtaining information is to standardize both the instrument and the information about the issuer. • Financial instruments are designed to handle the problem of asymmetric information.
CPA会计英语讲义
会计英语【字Ⅰ.背景介绍中国注册会计师协会决定在今年的中国注册会计师资格考试会计科、审计科加试10分英语试题,并将该成绩绩,也即110分的试卷60分及格。
该安排看似突然,实际上代表了一个趋势,就是要全面提升中国注册会计师的语合璧,融会贯通,取长补短,为我所用的目的。
针对此变化,广大考生应该做到:稳定情绪调整心态振奋精神悉心备考该考试变化对广大考生的参考并未产生实质性的不利影响。
所以应该充满自信,不要出现急躁、不安情绪！积极应对！从积极方面来看待这个趋势和变化！Ⅱ.考试题型预测目前获得的关于这10分英语考试最新的信息为:1.一道题2.主观题3.专业题分析:正是针对此次考试“三题”的特点,我们预测此次考试极有可能的题型如下:1.名词解释2.简答题3.翻译（英汉互译）4.案例分析这四类题型都会很好地体现“三题”精神。
会计科考试体系是在中国会计准则（CAS）与国际会计准则（IAS/IFRS）趋同的背景下考察英文水平的;趋具体某些业务的分录的可能性虽然存在，但是不大；更重要考察的是一些“务虚”的内容,即理论或文字表述的内容辅导大体安排TIME SCHEDULE MEMO1-1.5hrs题型分析对每类题型结合具体实例进行说明,并讲解答题技巧2.5-3hrs考点预测结合题型对可能考查的内容进行预测讲解该项英语考试对书面表达的要求在英语四级水平。
该项考前紧急冲刺辅导时间紧,任务重,不是零起点辅导,需要有一定的英语基础。
Ⅲ.内容讲解考试题型极有可能的题型如下:案例分析名词解释简答题翻译案例分析是在名词解释、简答题和翻译基础上构建起来的,是这三种题型的综合,因此,在分别介绍各种题型后及应对策略和答题技巧。
目前2006版中国会计准则（CAS 2006）和国际会计准则体系大体趋同,但在诸多细节上仍存在差异。
要么么是引进的新的理念。
对于会计科英语考试,主要从以下方面来准备：1.ACCOUNTING TERMS2.ACCOUNTING THEORIES3.ACCOUNITNG APPLICATIONS4.IAS/IFRS/CAS题型分析一、名词解释EXAMPLEFair Value[答疑编号31010101：针对该题提问]Solution:Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable, will length transaction。
【2020CFA二级高清讲义】CFA二级投资组合+高清+2020
are authorized by the ETF issuer to participate in the process. The AP creates new ETF shares by transacting in-kind with the ETF issuer. This in-kind swap happens off the exchange, in the primary market for the ETF, where APs transfer securities to (for creations) or receive securities from (for redemptions) the ETF issuer, in exchange for ETF shares.
7
Primary Market: Creation
The price the AP might have paid to acquire that stock or what its price happens to be at the end of the day is not relevant to the exchange taking place. Because it is an in-kind transaction, all that matters is that shares of the required stock move from the AP's account to the ETF's account. Similarly, when the issuer delivers ETF shares to an AP, the ETF's closing NAV is not relevant.
公司理财(罗斯)第2章(英文)
2-2
Sources of Information
Annual reports Wall Street Journal Internet
2.1 The Balance Sheet 2.2 The Income Statement 2.3 Net Working Capital 2.4 Financial Cash Flow 2.5 The Statement of Cash Flows 2.6 Financial Statement Analysis 2.7 Summary and Conclusions
McGraw-Hill/Irwin Corporate Finance, 7/e 2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
2-6
Debt versus Equity
Generally, when a firm borrows it gives the bondholders first claim on the firm’s cash flow. Thus shareholder’s equity is the residual difference between assets and liabilities.
Total assets
McGraw-Hill/Irwin Corporate Finance, 7/e
$1,879
$1,742
2005 The McGraw-Hill Companies, Inc. All Rights Reserved.
ACCA《P2公司报告》基础课程讲义(1)
ACCA《P2公司报告》基础课程讲义(1) Aim of P2 Corporate ReportingTo apply knowledge, skills and exercise professional judgement in the application and evaluation of financial reporting principles and practices in a range of business contexts and situations.Syllabus2012ACCA《P2公司报告》基础课程讲义（1）Main capabilities1. Discuss the professional and ethical duties of the accountant2. Evaluate the financial reporting framework3. Advise on and report the financial performance of entities4. Prepare the financial statements of groups of entities in accordance with relevant accounting standards5. Explain reporting issues relating to specialised entities6. Discuss the implications of changes in accounting regulation on financial reporting7. Appraise the financial performance and position of entities8. Evaluate current developmentIntellectual levelsThe syllabus is designed to progressively broaden and deepen theknowledge, skills and professional values demonstrated by thestudents on their way through the qualification.The specific capabilities within the detailed syllabuses and studyguide are assessed at one of three intellectual or cognitive levels:Level 1: Knowledge and comprehensionLevel 2: Application and analysisLevel 3: Synthesis and evaluationVery broadly, these intellectual levels relate to the three cognitivelevels at which the Knowledge module, the Skills module and theProfessional level are assessed.EXAMExam format – comprise two sectionsReading & planning time: 15 minutesSection A – one compulsory case study50 marksSectionB–choice of 2 from 3 questions 2 x 25 = 50 marks100 marksExaminer: Graham HoltExaminable DocumentsThe documents listed as being examinable are the latest that were issued prior to 30 th September 2010 and will be examinable in June and December 2011 examination sessions.International Accounting Standards （IASs）/ International Financial Reporting Standards （IFRSs）IAS 1 Presentation of Financial StatementsIAS 2 InventoriesIAS 7 Statement of Cash FlowsIAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 10 Events after the Reporting PeriodIAS 12 Income TaxesIAS 16 Property, Plant and EquipmentIAS 17 LeasesIAS 18 RevenueIAS 19 Employee BenefitsIAS 20 Accounting for Government Grants and Disclosure of Government AssistanceIAS 21 The Effects of Changes in Foreign Exchange RatesIAS 23 Borrowing CostsIAS 24 Related Party DisclosuresIAS 27 Consolidated and Separate Financial StatementsIAS 28 Investments in AssociatesIAS 31 Interests in Joint VenturesIAS 32 Financial Instruments: PresentationIAS 33 Earnings per ShareIAS 34 Interim Financial ReportingIAS 36 Impairment of AssetsIAS 37 Provisions, Contingent Liabilities and Contingent AssetsIAS 38 Intangible AssetsIAS 39 Financial Instruments: Recognition and MeasurementIAS 40 Investment PropertyIFRS 1 First-time Adoption of International Financial Reporting StandardsIFRS 2 Share-based PaymentIFRS 3 Business CombinationsIFRS 5 Non-current Assets Held for Sale and DiscontinuedOperationsIFRS 7 Financial Instruments: DisclosuresIFRS 8 Operating SegmentsIFRS 9 Financial InstrumentsIFRS For SMEs IFRS for small and medium sized entitiesOther StatementsFramework for the Preparation and Presentation of Financial StatementsEDs, Discussion Papers and Other DocumentsED Simplifying earnings per share: Proposed amendments to IAS 33ED Improvements to IFRS 5ED An improved conceptual framework for financial reporting. Chapters 1 and 2ED Fair value measurementED Management commentaryED Financial instruments: amortised cost and impairmentED Measurement of liabilities in IAS 37ED Conceptual framework: the reporting entityED Defined benefit plansED Fair value option for financial liabilitiesED Presentation of items in other comprehensive incomeED LeasesED Insurance contacts。
Asset-Classes-and-Financial-Instruments
• During the credit crisis of 2008, the federal government offered insurance to money market mutual funds after some funds experienced losses
INVESTMENTS | BODIE, KANE, MARCUS
2-16
Table 2.2 Tax-Exempt Yield Table
The equivalent taxable yield is simply the tax-free rate, rm , divided by (1-t).
2-2
Asset Classes
• Money market instruments
• Capital market instruments
– Bonds – Equity Securities – Derivative Securities
INVESTMENTS | BODIE, KANE, MARCUS
INVESTMENTS | BODIE, KANE, MARCUS
2-15
Municipal Bond Yields
• To choose between taxable and tax-exempt bonds, compare after-tax returns on each bond.
• Let t equal the investor’s marginal tax bracket
financial training
of one’s own area of responsibilty seines eigenen Verantwortungsbereiches 负责区域
shortly, precisely and uniformly kurz, knapp und einheitlich 简明的, 精确的, 统一的
sales revenue direct cost overhead expenses amortization depreciation interest taxes profit Umsatz Einzel-Kosten Gemein-Kosten Abschreibungen Zinsen Steuern Ergebnis 收入 直接成本 间接成本 分期摊销 折旧 利息 税 利润
有形资产 Lagerstand 现金状况 Kassenstand Verbindlichkeiten 应付帐款 借款情况 Schuldenstand 资产净值 Kapitaleinsatz 应收帐款 Forderungen Anlagen, Gebaeude土地和建筑 无形资产/知识产权 Geistiger Besitz
P&L/Balance Sheet/Cashflow Introductory Training Einfuehrungskurs GuV/Bilanz/Cashflow 损益表/资产负债表/现金流量表介绍性培训 VTC (WRW,YS) v2 Dreisprachig, Trilingual,三种语言
about the situation/ health of the business ueber die Lage / Gesundheit des Geschaeftes 关于经营的状况
Chap002 Asset Classes and Financial Investments 博迪投资学课件
Asset Classes and Financial Investments
McGraw-Hill/Irwin
Investments, 8th edition
Bodie, Kane and Marcus
Slides by Susan Hine
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
• Depository receipts
2-21
Figure 2.8 Listing of Stocks Traded on the NYSE
2-22
Stock Market Indexes
• There are several broadly based indexes computed and published daily
2-2
2-3
The Money Market Continued
• Eurodollars • Repurchase Agreements (RPs) and Reverse
RPs • Brokers’ Calls • Federal Funds • LIBOR Market
2-4
Figure 2.1 Rates on Money Market Securities
• There are several indexes of bond market performance
• Others include: – Nikkei Average – Financial Times Index
2-23
Dow Jones Industrial Average
ACCOUNTCLASSIFICATIONANDPRESENTATION…
Owner’s Drawings
Patent Paid-in Capital in Excess of Par— Common Stock Paid-in Capital in Excess of Par— Preferred Stock Preferred Stock Premium on Bonds Payable Prepaid Insurance Prepaid Rent
Advertising Expense
Operating Expense
Income Statement
Allowance for Doubtful Accounts
Current Asset—Contra
Balance Sheet
Amortization Expense
Operating Expense
Balance Sheet
Balance Sheet Income Statement
Credit Credit Debit Debit
Debit Credit
Debit Credit Debit Debit Credit Debit Credit Debit Debit Debit
Debit
Credit Debit
(2) If a periodic system is used, Inventory also appears on the income statement in the calculation of cost of goods sold.
The following is a sample chart of accounts. It does not represent a comprehensive chart of all the accounts used in this textbook but rather those accounts that are commonly used. This sample chart of accounts is for a company that generates both service revenue as well as sales revenue. It uses the perpetual approach to inventory. If a periodic system was used, the following temporary accounts would be needed to record inventory purchases: Purchases; Freight-in; Purchase Returns and Allowances; and Purchase Discounts.
（延大投资学讲义2）
Chapter 2 Asset Classes and Financiald Fi i lInstruments2.1 The Money MarketMoney Market Instruments Money Market Instruments •Treasury BillsT Bill•Certificates of Deposit•Commercial Paper•Bankers’ Acceptances•EurodollarsRepos and Reverses•Repos and Reverses•Broker’s CallsFederal Funds•Federal Funds•LIBOR (London Interbank Offer Rate)Treasury BillsTreasury Bills•Treasury bills–Issued by Federal GovernmentIssued by–Denomination –$100, commonly $10,000 4,13,26,or52weeksMaturity–Liquidity–Default risk 4, 13, 26, or 52 weeks Highly liquidDefault risk –Interest type –NoneDiscountFederal taxes owed exemptTaxation Federal taxes owed, exemptfrom state and local taxesCertificates of Deposit (CD)Certificates of Deposit (CD)•Certificates of DepositI d bDepository Institutions –Issued by –Denomination–Depository Institutions Any, $100,000 or more are marketable Varies typically 14day minimum Maturity–Liquidity–Default riskVaries, typically 14 day minimum 3 months or less are liquid if marketable First $100000($250000)is insured –Interest type–Taxation First $100,000 ($250,000) is insured Add onInterest income is fully taxableInterest income is fully taxableCommercial PaperCommercial Paper •Commercial Paperp–Issued by Large creditworthy corporations andfinancial institutions–Maturity–Denomination Maximum 270 days, usually 1 to 2 months Minimum $100,000–Liquidity–Default risk 3 months or less are liquid if marketable Unsecured, Rated, Mostly high quality–Interest type –Taxationy g q y DiscountInterest income is fully taxableyNew Innovation: Asset backed commercial paper is backed by a loan or security In summer2007asset backed CPby a loan or security. In summer 2007 asset backed CP market collapsed when subprime collateral values fell.Bankers Acceptances &Eurodollarsp•Bankers Acceptances–Originates when a purchaser of goods authorizes its bank to pay the seller for the goods at a date in thefuture (time draft).f t(ti d ft)–When the purchaser’s bank ‘accepts’ the draft itbecomes a contingent liability of the bank andbecomes a contingent liability of the bank andbecomes a marketable security.•Eurodollars–Dollar denominated (time) deposits held outside the U.S.–Pay a higher interest rate than U.S. deposits.Federal Funds and LIBOR•Federal Funds–Depository institutions must maintain deposits withthe Federal Reserve Bank.–Federal funds represents trading in reserves held on deposit at the Federal Reserve.–Key interest rate for the economyK i t t t f th•LIBOR (London Interbank Offer Rate)g()–Rate at which large banks in London (and elsewhere) lend to each other.–Base rate for many loans and derivatives.Repurchase Agreements andReverses •Repurchase Agreements (RPs or repos) Repurchase Agreements(RPs or repos) and Reverse RPs–Short term sales of securities arranged with anSh l f i i d i hagreement to repurchase the securities a set higher price.–A RP is a collateralized loan, many are overnight,although “Term” RPs may have a one monthmaturity.–A Reverse Repo is lending money and obtainingsecurity title as collateral.security title as collateral–“Haircuts” may be required depending on collateral q yqualityMoney Market InstrumentsMoney Market Instruments•Call Money RateInvestors who buy stock on margin borrow money from –Investors who buy stock on margin borrow money fromtheir brokers to purchase stock. The borrowing rate isythe call money rate.–The loan may be ‘called in’ by the broker.Figure 2.1 Money RatesTable 2.2 Major Components of theMoney MarketFigure22Treasury Bills(T bills) Figure 2.2 Treasury Bills (T-bills)Figure 2.3 Spreads on CDs andTreasury BillsMMMF and the Credit Crisis of2008Between 2005 and 2008 money market mutual •Between2005and2008money market mutual funds (MMMFs) grew by 88%.•MMMFs had their own crisis in 2008 when Lehman Brothers filed for bankruptcy on September 15.•Some funds had invested heavily in Lehman’s commercial paper.commercial paper•On Sept. 16, Reserve Primary fund “broke the buck.”What does this mean? its net asset value fell below$1 per share• A run on money market funds ensued.•The U.S. Treasury temporarily offered to insure all money funds to stop the run-(up to $3.4 trillion in these funds.)(up to$34trillion in these funds)Money Market Instrument Yields M M k t I t t Yi ld•Yields on money market instrumentsare not always directly comparableare not always directly comparable Factors influencing “quoted” yields•Par value vs. investment value•360 vs. 365 days assumed in a year360vs365days assumed in a year(366 leap year)•Simple vs. Compound InterestBank Discount Rate (T-Billt )quotes)$10000=Parr BD =$10,000-P$10000x 360$10,000 Par r BD = bank discount rate T =market price of the T-$10,000nP = market price of the T = market price of the T--bill n = number of days to maturity T day T-bill P =$9875Example9090--day T day T--bill, P = $9,875=$10,000-$9,875x 360=r BD $10,000x 905%B d E i l t Yi ldBond Equivalent Yield •Can’t compare T-bill directly to bondy–360 vs 365 days–Return is figured on par vs. price paid•Adjust the bank discount rate to make it comparableBond Equivalent Yield Bond Equivalent Yield =5%r BEY =10,000-P x 365n r BD 5%P = price of the T P = price of the T--billn =number of days to maturity P n number of days to maturity T Example Using Sample T--=10,000-9,875x 365Example Using Sample T Billr BEY 9,875x 90r BEY = .0127 x 4.0556 = .0513 = 5.13%Effective Annual Yield Effective Annual YieldMoney Market Instruments Money Market Instruments •Treasury billsTreasury bills •Certificates of depositDiscount BEY*•Commercial PaperBankers AcceptancesDiscount Di t •Bankers Acceptances •EurodollarsDiscount BEY*•Federal FundsRepurchase Agreements(RPs)BEY*•Repurchase Agreements (RPs) and Reverse RPs Discount2.2 The Bond MarketCapital Market -Fixed IncomeInstruments Government Issues•US Treasury Bonds and Notes–Bonds versus NotesBonds versus Notes–Denomination–Interest typeInterest type–Risk? Taxation?Variation: Treasury Inflation Protected Securities (TIPS)•Tips have principal adjusted for increases in the Consumer Price Ti h i i l dj t d f i i th C P i Index•Marked with a trailing ‘i’ in the quote sheet (See Figure 2.4)g q(g)I t t InstrumentsInstrumentsI t t Government Issues•Agency Issues(Fed Gov)Agency Issues (Fed Gov)–Most are home mortgage related•Issuers: FNMA, FHLMC, GNMA, Federal HomeI FNMA FHLMC GNMA F d l HLoan Banks–Risk of these securities?Risk of these securities?•Implied backing by the government•In September 2008, Federal government tookI S t b2008F d l t t kover FNMA and FHLMC.I t tInstruments Government Issues•Municipal BondsMunicipal Bonds –Issuer?Diff f T i d A i ?–Differ from Treasuries and Agencies?•Risk?o G.O. vs Revenueo Industrial development•Taxation?Rate)Tax (1r r Taxable Exempt Tax r = interest rateTable 2.3 Equivalent TaxableYieldsRate)Tax (1r r Taxable Exempt TaxFigure 2.5 Outstanding Tax Exempt DebtExempt DebtFigure 2.6 Ratio of yields on tax exempt to taxable bondsCapital Market -Fixed IncomeInstrumentsI t tPrivate Issues•Corporate BondsCorporate Bonds–Investment grade vs speculative gradeInstrumentsI t tMortgage Backed Securities •Mortgage-Backed Securities–Pass-through•A security backed by a pool of mortgages.A it b k d b l f tThe pool backer ‘passes through’ monthlymortgage payments made by homeownersmortgage payments made by homeownersand covers payments from anyhomeowners that default.•Collateral:–Traditionally all mortgages were conformingmortgages but since 2006, Alt-A and subprimemortgages were included in poolsInstrumentsI t tMortgage Backed Securities •Mortgage-Backed Securities•Political encouragement to spur affordablehousing led to increase in subprime lendinghousing led to increase in subprime lendingPrivate banks began to purchase and sell•Private banks began to purchase and sellpools of subprime mortgages•Pool issuers assumed housing prices wouldy gcontinue to rise, but they began to fall as farback as 2006 with disastrous results for themarkets.Figure 2.7 Mortgage Backed Securities OutstandingS iti O t t diTh U S B d M k t The U.S. Bond Market2.3 Equity SecuritiesCapital Market -EquityC it l M k t E it •Common stock–Residual claim•Cash flows to common stock?In the event of bankruptcy, what will•In the event of bankruptcy,what willstockholders receive?–Limited liability•What is the maximum loss on a stock purchase?What is the maximum loss on a stock purchase?C it l M k t E itCapital Market -Equity •Preferred stockP f d t k–Fixed dividends: limited gains, non-voting y–Priority over commonTax treatment–Tax treatment•Preferred & common dividends are not taxdeductible to the issuing firmg•Corporate tax exclusion on 70% dividendsearnedC it l M k t E itCapital Market -Equity •Depository Receipts–American Depository Receipts (ADRs) also called American Depository Shares (ADSs) arecertificates traded in the U.S. that representownership in a foreign security.hi i f i itC it l M k t E it Capital Market -EquityCapital Market -EquityC it l M k t E it •Capital Gains and Dividend Yields–You buy a share of stock for $50, hold it for oneyear, collect a $1.00 dividend and sell the stockfor $54. What were your dividend yield, capitalgain yield and total return? (Ignore taxes)i i ld d t t l t?(I t)–Dividend yield: = Dividend / P buy$1.00 / $50 = 2%$100/$502%–Capital gain yield: = (P sell–P buy)/ P buy($54$50)/$508%($54 -$50) / $50 = 8%–Total return: = Dividend yield + Capital gain yield 2% +8% = 10%24St k d B d I d2.4 Stock and Bond Indexes Uses•Track average returns•Comparing performance of managersBase of derivatives•Base of derivativesFactors in constructing or using an index Factors in constructing or using an index •Representative?•Broad or narrow?o s t co st ucted•How is it constructed?C t ti f I d Construction of IndexesH t k i ht d?•How are stocks weighted?–Price weighted (DJIA)How much money do you put in each stock in the index?•Add up the prices of the stock and divide by agiven divisor. Higher priced shares get moreweightweight.–Market-value weighted (S&P500, NASDAQ) Based on the market cap of the firm•Based on the market cap of the firm.–Equally weighted (Value Line Index) Each company’s returns are weighted equally•Each company s returns are weighted equallyConstructing market indices Constructing market indicesa) What stocks to includea)What stocks to includeb) Weighting schemes•Price weighted average assumes buy1share each Price weighted average assumes buy 1 share eachstock and invest cash and stock dividendsproportionately.•Value weighted: considers not only price but also # shares :–$ invested in each stock are proportional to$i t d i h t k ti l tmarket value of each stockEqual weighted: considers not only price but also # •Equal weighted:considers not only price but also# shares:–invest same amount of $ in each stock regardlessof market value of stockExamples of Indexes -Domestic •Dow Jones Industrial Average (30 Stocks))•Standard & Poor’s 500 CompositeSt d d&P’500C itS Q Co pos te(3000s)•NASDAQ Composite (> 3000 firms)•NYSE Composite•Wilshire 5000 (> 6000 stocks)Table 2.6 Companies in the Dow Then & NowD Th&NFigure 2.9 Comparative Performance of Several Stock Performance of Several Stock,Market Indices, 2001-2008Why has performance differed for the y pindices?Examples of International Indices Examples of International Indices2.5 Derivative Markets25Derivative Markets •Listed Call Option:Li t d C ll O ti–Holder the right to buy 100 shares of theunderlying stock at a predetermined price on or before some specified expirationdate.d t•Listed Put Option:–Holder the right to sell 100 shares of theunderlying stock at a predetermined priceb f ifi d i ion or before some specified expirationdate.Figure 2.10 Stock Options on Apple Figure210Stock Options on AppleWhat does the term strike or exercise price refer to?What does the term‘strike’or exercise price refer to?What is an option premium?Futures ContractsFutures ContractsIn a futures contract the purchaser of the contract (the long) agrees to purchase the specified quantity of the l)t h th ifi d tit f th underlying commodity at contract expiration at the price (futures price) set in the contract.price(futures price)set in the contractThe contract seller (the short) agrees to deliver the The contract seller(the short)agrees to deliver the underlying commodity at contract expiration ing g g p pexchange for receiving the agreed upon price.___________yFutures are a to buy or sell in the futurecommitmentwhereas at a preset price whereas options give therightholder the ______ to buy or sell in the future.。
财务培训课件(可编辑)
财务培训课件（可编辑）财务培训课件Financial Training for Professionals财务培训王晓辉Financial training for non-financial professionals 非财务人员的财务培训议程PrefaceWhy financial analysis 为什么需要财务分析1 Anatomy of financial statement 财务报表的构成2 Financial Ratios 财务比率分析3 Why financial models 财务分析模型的作用5 Analysis of cash flow 现金流分析6 Applications 应用实践2Financial training for non-financial professionals 非财务人员的财务培训议程PrefaceWhy financial analysis 为什么需要财务分析1 Anatomy of financial statement 财务报表的构成2 Financial Ratios 财务比率分析3 Why financial models 财务分析模型的作用5 Analysis of cash flow 现金流分析6 Applications 应用实践3管理层责任是改进价值动因提升公司的内在价值及市值价值驱动因素财务指标内在价值资本市场的表现举例毛利率投资回报率折现现金流价值股东回报市场份额销售收入期权的价值股利股票回购发展速度利润市值增加细分市场的选择经济利润资本利得资本运营的效率非上市公司上市公司4发现现有业务关键价值驱动因素的过程第一阶段第二阶段第三阶段量化检验及敏感性分析轻重缓急优先排序访谈访问初步筛选运营规划财务及 15-20 3-5个就价值树确定企市场模个主要主要价的内部讨业的价型的量价值驱深入分析值驱动实施方案论值树化研究动因素因素可操作性业绩指标评估跨部门的研讨会5运营层面从企业价值树入手挖掘价值驱动因素财务指标表层营运指标深层价值驱动因素固定资产投入市场份额公司品牌知名度宣传力度产品概念的吸引力及投资规模流通资金投入独特性合作伙伴的选择现金销售与服务的配合经济利润毛利率价格水平员工经营管理才能产品组合的安排品牌实现溢价的能力营销费用比率项目开工情况新产品推出的管理投资回报率帐款回笼情况开发流程工业化科管理费用比率学化的进展资本周转次数激励机制政策及管理系统战略运营规划所应提出的目标运营规划的核心内容回答怎么去做的问题6价值树的具体形式–房地产业务举例财务指标第一层价值驱动因素第二层价值驱动因素单位面积销售平均单位销售价格目标销售对象是否定位准毛利建筑成本确价值定位是否与实际市场现实相符房地产业务售出面积宣传力度是否考虑到了相似及替代市场营销计划的有效性产品的竞争不可控制的外部配套设施是否能跟上我们的定位现金流的情况资本占用时间宏观环境正处于一个什么各项目间现金流出入的样的周期现在追加投衔接匹配程度入资本是否是最佳时机融资策略技巧的运用7对于房地产行业来说适时以适当的价格获取资源的能力和财务杠杆的运用是关键房地产行业举例投资回报率百分比在市场狂热土地紧张时扩张 64 改进价值动因关键是对各种投资回报之间有在整个周期中均匀地通过适当规清晰的认识而没有财划扩大住房供给能力 83 务分析的基础知识不可能深入把握价值动因在经济周期低谷剩余土地富裕137时扩张获得资源后扩张在周期低谷时通过并购合作来340增加住房供给能力利用财务杠杆来购买低廉资630源扩大供给在合适的时机通过财务杠杆来并购剥离适当资产874Source McKinsey Quarterly Global Institute Goldman Sachs equity research 8Financial training for non-financial professionals非财务人员的财务培训议程PrefaceWhy financial analysis 为什么需要财务分析1 Anatomy of financial statement 财务报表的构成2 Financial Ratios 财务比率分析3 Why financial models 财务分析模型的作用5 Analysis of cash flow 现金流分析6 Applications 应用实践9为什么要有财务报表2006年河南少林寺的方丈释永信准备上市筹资方丈找了一家投资银行为其筹备上市事宜投资银行家问我要先看看少林寺的财务报表老板答什么是财务报表少林寺是有个记账的和尚但是没有报表投资银行家摇摇头没有财务报表是不能上市的也没人会投钱给你的如果是你你会把真金白银投资到少林寺吗为什么需要财务报表想一想有一天你一个远房亲戚来找你要你拿钱投资一个在非洲的公司你只是听说这家公司是卖虎皮的生意还不错但是到底如何就不知道你会这样就给钱吗要是这是个骗子公司怎么办为了判断公司的业务情况在投资前我们需要公司的财务报表我们要了解这个公司是做什么的靠什么赚钱有多少资产等等10财务报表的构成资产负债表功能提供企业在某一特定时点所拥有的全部资产负债和所有者权益自有资本的存量及其结构关系资产负债股东权益作用有助于管理者了解某一时点上各类资产和负债的规模结构及其数量对应关系明确个人和企业受托责任及义务作出基于优化结构降低风险和提高运营效率的判断和决策损益表利润表功能提供企业在某一特定期间内所实现的利润或发生亏损数量关系当期损益- 当期成本当期费用税收作用有助于管理者了解本期取得的收入和发生的产品成本各项期间费用及税金不含增值税了解盈利总水平和各项利润来源及其结构把握经营策略现金流量表功能提供企业在某一特定期间内有关现金及现金等价物的流入和流出的信息关系现金流入量-现金流出量当期现金持有量的变动作用有助于管理者了解净收益质量取得和运用现金的能力支付债务本息和股利的能力和预测未来现金流量利润表的底线是净收益公司长期的营运靠持续的盈利短期靠现金流11没有持续盈利的公司无法保持长期竞争力因为缺乏现金流入坐吃山空而缺乏短期现金流的公司即使盈利因为无法维持营运资本支付债务也可能导致破产财务报表的构成资产负债表资产负债权益资产是企业拥有或控制的有价值的资源例现金办公楼厂房设备待售的库存商品原料负债是对别人的欠款例银行贷款银行透支款欠供货的货款欠政府的税款权益所有者的资产的股份例普通股留存收益12三张财务报表间的关系资产负债表损益表资产销售收入销售成本现金期间费用应收账款营业利润存货长期投资总利润固定资产所得税其它资产净利润负债利润分配表短期借款净利润应付款项期初未分配利润提取公积金所有者权益分配股利未分配利润现金流量表经营活动现金流投资活动现金流筹融资活动现金流现金流变化期初现金余额期末现金余额13财务报表案例学习少林寺觉远是少林寺负责日常记账的勤杂和尚觉远并没有系统学习过财务会计知识他知道的是古老相传的记账方式在觉远的账本上只有现在我们来还原少林寺的财务报表14案例少林寺的财务报表资产负债表万人民币流动资产 7000000 流动负债 5000000货币资金 5700000 短期借款 210000存款 1300000 应付帐款 350000应付职工薪酬 4440000非流动资产 25000000 非流动负债2000000固定资产寺庙 13000000 长期借款 2000000无形资产少林寺品牌 12000000 所有者权益27000000资产总计 32000000 负债及所有者权益总计 32000000 损益表万人民币现金流量表万人民币经营活动产生的现金流量 6300000营业收入 5000000销售商品提供劳务收到的现金 5000000香油 2400000收取的租金 1300000门票 2200000 投资活动产生的现金流量 -3500000其他捐赠 400000 购建固定资产无形资产和其他长营业成本 4700000 期资产所支付的现金 -4500000 日常开支 3600000 处臵固定资产其他长期资产而收1000000管理费用 1100000回的现金营业利润 300000 筹资活动产生的现金流量 000所得税 000 取得借款所收到的现金 000净利润 300000 发行债券所收到的现金 000期末净现金流量2800000少林寺的财务报表中数据皆为方便示例而虚构15少林寺的损益表商业模式损益表万人民币少林的收入模式营业收入 5000000 门票少林一日游游少林寺塔林永泰寺嵩阳书院香油 2400000 吃少林寺素斋坐空调巴士门票 2200000 看少林功夫全包价198元人佛祖保佑Vip价258元人其他收入捐赠 400000 功德无量阿弥陀佛营业成本 4700000少林的成本日常开支 3600000 和尚斋薪宣传推广寺院维护管理费用 1100000作为宗教性非赢利机构少林寺不用交税营业利润 300000所得税 000净利润 30000016少林寺的资产负债表少林寺有多少钱值多少钱资产负债表万人民币少林的流动资产主要指少林在银行的存款流动资产 7000000 流动负债 5000000 香油箱里的现金等货币资金 5700000 短期借款 210000 少林的固定资产主要包括各寺庙设备经存款 1300000 应付帐款 350000 书朔像道具等无形资产是少林寺的重要资产整个少林寺资产很大一应付职工薪酬 4440000部分就是无形资产如果没有这个品牌那么它产生收非流动资产 25000000 非流动负债 2000000入门票香油的能力肯定大大降低固定资产寺庙13000000 长期借款 2000000少林的所有者权益包括政无形资产少林府前辈和尚的本身自有寺品牌12000000 所有者权益 27000000 资金投入负债及所有者资产总计 32000000 32000000权益总计17少林寺的现金流量表少林寺银行账目现金流量表万人民币少林寺的经营活动产生的现金经营活动产生的现金流量 6300000 流量主要来自于门票香油与捐赠销售商品提供劳务收到的现金 5000000租金收入则来源于附属田地地收取的租金 1300000 租投资活动产生的现金流量 -3500000购建固定资产无形资产和其他长期资少林寺每年要接待大量游客产所支付的现金 -4500000 寺庙损耗需要每年修缮一些设备也需要更新此外每处臵固定资产其他长期资产而收回的年维护少林寺品牌需要大量的1000000现金宣传投入一些与少林寺品牌关系不大的筹资活动产生的现金流量 000资产如田地等适当的处臵出卖取得借款所收到的现金 000 可带来现金流补充修缮投入由于政府每年拨款加上少林发行债券所收到的现金 000 寺自身经营活动获得良好的现期末净现金流量 2800000 金流入因此少林寺暂不考虑筹资18创业故事武当山的财务报表瘌痢头阿三自小在少林长大但是性格愚钝好吃懒做方丈多次劝说无效终于被赶出师门瘌痢头身无长技带着几本经书几套和尚袍和在少林偷的5两银子打算开个少林分院下面分析瘌痢头阿三的账目阿三投资了几本经书几套和尚袍和5两银子在新公司少林分院里并形成原始普通股帐目发生了如此循环没1 现金资产 5两银子多久少林2 所有者权益权益 5两银子分院日益壮购买木鱼木剑等设备租赁一间破庙付了3两银子的现金大树大招风终于被少林寺1 现金资产 5-3 2两银子控告侵犯知识产权于是瘌2 存货资产 3两银子痢头阿三将少林分院提供超渡服务收入了10两银子的现金改名武当自1 现金资产 102 12 两银子己改名张三丰成为著名大企2 收入 10两银子业家19现在通过少林寺的财务报表你知道少林寺的方丈不但是有道高僧而且也是一位懂得经营的管理人才良好的营运不单保障了少林寺几百僧侣能安心修炼衣食无忧而且为少林寺的发展贡献了大量的净利润但是如果要你投资少林寺单单了解这些是不够的你还需要了解的更多些20Financial training for non-financial professionals非财务人员的财务培训议程PrefaceWhy financial analysis 为什么需要财务分析1 Anatomy of financial statement 财务报表的构成2 Financial Ratios 财务比率分析3 Why financial models 财务分析模型的作用5 Analysis of cash flow 现金流分析6 Applications 应用实践21财务比率分析的重要性示例改革开放初期少林寺准备开展一个海外拓展活动宣传少林寺品牌由于少林寺缺乏资金因此少林方丈找到武当掌门商量借款2万美金武当掌门与少林方丈素有交情但是金额不小稍作思考武当掌门要求方丈提供少林寺的财务报表声称要等武当七剑对少林寺做财务比率分析后再决定是否提供借款作为债权人武当掌门关心的是少林寺的能否到期还债的能力他应该关注少林寺的那些方面类似的作为少林寺的方丈应该关注少林寺的那些指标呢22财务比率分析你需要关注那些指标管理层股东债权人运营绩效分析投资回报流动性毛利润率净资产回报率流动比率净利润率每股收益速动比率营运指标息税前利润每股现金流资产快速变现能力营运成本分析股价增值流动资产固定资产比率营运杠杆股东回报比较静态敏感性分析资源管理能力盈利配臵财务杠杆资产周转率每股分红负债比率内部指标库存周转率红利收益率债务市值比率应收账款周期分红留存收益比率杠杆比率应付账款周期红利覆盖倍数人均收益红利总资产比率盈利性指标资本市场绩效偿债能力资产回报率市盈率利息覆盖倍数价值指标经济附加值市净率债务负担覆盖比率投资现金回报率现金流倍数自由现金流覆盖比率自由现金流相对股价表现固定资产清偿价值价值动因企业价值23财务比率分析的揭示作用公司内部使用者关心的是报表中反映的生产经营中问题债权人关心的是公司为什么需要额外筹集资金公司还本付息的可能来源是什么公司对以前的短期和长期筹资是怎样处理的公司在未来哪些方面需要筹集资金外部的投资银行财务分析师关心的是潜在并购对象的经济价值和评估其财务上和经营上的协同性财务报表上应予特殊注意的地方财务报表报告的是一个公司过去的财务业绩它们是为提供企业四种主要活动信息而设计的战略筹资投资经营活动静态企业活动资产负债表和动态企业活动损益表和现金流量表24企业项目财务决策与风险识别企业项目财务决策投资决策融资决策确定资本投资确定资产融资规模及结构规模及结构揭示可能导致经营风险财务风险的财务风险财务指标分析企业项目风险25运用比较分析法的分析框架财务指标本身没有意义参考分析标准与参照物横向纵向的比较深入了解每个指标背后的含义才能理解企业的真实运营状况企业财务状况评价指标与计划目标比较与过去业绩比较与行业水平比较企业优势劣势分析相应的战略制定调整执行方案26可供选择的财务KPI指标举例关键业绩指标采用原因指标定义来源投资资本回报率有效利用资本创造回息税前利润X 1-所得税率财务管理部报的能力平均固定资产净值平均营运资本净利润净利润率产生纯利润的能力财务管理部总资产自由现金流创造现金流入的能力息税前利润X 1-所得税率财务管理部折旧和摊销- 资本支出-营运资本变化量平均筹资成本衡量融资成本是否合本年度所筹获各类资本的财务管理部理成本的加权平均净资产回报率衡量股权投入的资本净利润财务管理部回报净资产最优杠杆比率综合衡量资金的使用最优负债财务管理部效率与经营稳健性最优股本27解读财务比率指标财务比率具体应用与点评流动性它表明企业每一元流动负债有多少流动资产作为偿还的保证反映企业用可在短期内转变为现金的流动资产偿还到期流动负债的流动资产流动比率能力对房地产开发企业来说使用流动比率最大的缺点在于如流动负债何对存货的流动性进行判断某些存货可能难以在短期内变现譬如一个即将达到预售标准的楼盘与一块已购的存在纠纷的土财务杠杆地虽然都是存货但是其转换成现金的能力差异很大总负债负债比率衡量一个公司的资本结构高的负债比率意味着一个公负债比率司大量的利益别人的钱来做生意负债比率的高低也是外部融资总资产成本判断的一个标准在房地产行业尤其要区分有息负债与无偿债能力息负债预售款属于无息负债实质上没有债务还息的负担息税前利润利息覆盖倍数利息覆盖倍数是衡量企业每年的营运利润可以用来偿还债务的比应付利息率通常情况下这个比率越大说明企业偿付能力越好这是债权人最为关心的指标之一譬如要银行借钱给你他要知道你自由现金流的企业能否到期还本付息在互联网泡沫时期很多的互联网企自由现金流覆盖倍数业都是疯狂烧钱的商业模式结果是利息覆盖倍数为负数烧完应付利息风投的钱后没有银行肯再借钱于是大批互联网企业相继倒闭自由现金流覆盖倍数也类似28区分总投入资本回报率 ROIC与净资产回报率息前总投入资产回报率 ROIC或RONA比净资产回报率更易去除企业不同的财务策略对于分析的影响息税前利润 1-税率企业付息前利润ROIC有息负债与股东权益之和企业所有的投入资本含股东投入和银行借贷等总投入资本举例 A B债务 10利率 900 0股东权益 100 1000总投入资产 1000 1000 总投入资本回报率税前利润 120 120 可以正确地反映了减去财务成本 90 0税前净利润 30 120 去除企业不同的财减税收 40 12 48 务策略影响前企业净利润 18 72 的盈利能力净资产回报率 180 72息前总投入资产回报率 72 72注意投入资本里面除了股东权益有息负债是企业的总负债在房地产行业由于负债的一大部分是预售 29款属于客户先借给企业的无息负债这是房地产行业享有的优势因此应该将其排除在总投入资本外加权平均资本成本 WACC债务利息率X债务成本 1-所得税率X债务占总资本比例加权平均资本成本股本机会成本R R - RF m F股本成本 X股本占总资本比例一个示例觉远从少林寺退役后准备去开个猪肉店卖猪肉需要70两银子自己有20两银子跟少林的老方丈借了50两银子方丈要求其中20两银子作为股本投入与觉远合股赚了钱分红其它30两作为借款每年利息15两这样股本与债务的比例为473com30 5假设要方丈投资的最低回报为10 即是方丈投资到其它地方也能赚的回报那么整个猪肉店的加权平均资本成本为5 × 1-25 ×3710×47 732R 为无风险报酬率R 为平均风险股票必要报酬率为股票的贝他系数 30F m经济附加值EVA另外一个估量企业盈利水平的指标为经济价值创造能力ECONOMIC VALUE ADDEDEVA 是企业资本的回报扣除资本成本后的价值也就是企业通过营运不断累积的额外资源EVA r - K 资本总量资本投资回报率–加权平均资本成本率资本总量举例净运营利润 250EVA r - K 资本总量资本总量 1000 25-15 1000加权平均资本成本率 K 15 100资本投资回报率 r 25一个示例觉远开猪肉店卖猪肉每年卖猪肉收入100两扣除各种费用并交完税后赚了10两银子减去整个猪肉店的加权平均资本成本为732×70 5125两银子剩下的10-5125 4875两银子就是经济附加值K WACC加权平均资本成本31关于营运的几个重要财务指标下列的财务指标是了解企业财务情况的很好开端关键是学会用这些指标进行横向和纵向的比较最终是从每个指标来解读其背后的行业特征并以此来指导具体的营运工作比率名称公式代号衡量什么净利润净资产回报率 ROE 衡量资本投放的效率如企股东权益业在投入自身资金和资源后得到多少的回报净利润总资产回报率 ROA 资源的分配和调整的效率如总资产每一块钱的资产产生多少的回报销售收入总资产周转率资本密集程度如每一块钱的总资产资本带来多少的销售毛利率毛利每一块钱销售可以进行固定利润率销售收入成本和净利润分配的比率净利润净利润率每一块钱销售对应的利润销售收入净利润为税后净营运利润率32杜邦分析方法–3要素了解企业的总体盈利情况还不够还应通过了解盈利情况的组成部分来明白为什么能盈利和如何盈利的净利润净资产回报率股东权益净利润销售收入X销售收入股东权益净利润销售收入总资产X X销售收入总资产股东权益净利润率 X 总资产周转率 X 财务杠杆系数管理人员可以通过三种方式影响净资本回报率净利润率资产周转率财务杠杆系数33杜邦分析分解3要素我们可以把指标分为三层从上至下对于企业进行剖析中间的三个指标表明了有哪些重要的业务指标对于净资本回报率产生了重要的影响下层的比率表明了对于资产负债表和损益表的内容的影响如何可以影响净资本回报率净资产回报率净利润率总资产周转率财务杠杆系数毛利率折旧与税前的利润现金量应付款帐周期收入税率应收款周期负债资产比率利息覆盖倍数损益表的数据库存周转率偿债比率固定资产周转率资产负债表的数据34杜邦分析方法应用示例接上面示例觉远开猪肉店卖猪肉每年扣除各种费用并交完税后赚了10两银子根据我们已知觉远猪肉店总资本 70两银子总销售收入100两净资本股东权益40两毛利润10两净利润10-15× 1-25 6375两扣除给老方丈30两负债的利息15两交所得税25净利润 6375两净资产回报率股东权益 40两1594净利润 6375两净利润率销售收入 100两 6375总资产周转率销售收入 100两总资产 70两 143总资产 70两财务杠杆系数股东权益 40两 175因此觉远猪肉店净资产回报率 6375 X 143 X 175 1594也就是说觉远和老方丈投入20两银子每年从开猪肉店分到的钱是20 ×1594 31875两如果觉远想要赚多一些又没有钱再投入他能怎么办35杜邦分析方法应用示例接上面示例觉远可以提高下面3者中的任何一个或全部净资产回报率净利润率总资产周转率财务杠杆系数毛利率应收款周期应付款帐周期卖一些低成本高利润的猪肉尽量不给人赊账多催款进货时尽量赊账拖欠款比如注水猪肉收入税率库存周转率少缴税避税不要存太多猪肉卖多少进多少负债利率负债资产比率少借高利贷尽量多借低利率的债固定资产周转率多借钱用别人钱来做不买贵的铺面最好搭个地摊生意把猪肉生意搞大觉远可以提高上面列举中的任何一个或全部指标来提高净资产回报率但是除了不断降低。
罗斯公司理财课件 第二章
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
U.S. Composite Corporation Balance Sheet
2006 Current assets: Cash and equivalents Accounts receivable Inventories Other Total current assets $140 294 269 58 $761 2005 $107 270 280 50 $707
Deferred taxes Long-term debt Total long-term liabilities $117 471 $588 $104 458 $562
Fixed assets: Property, plant, and equipment $1,423 $1,274 Less accumulated depreciation (550) (460) Net property, plant, and equipment 873 814 Intangible assets and other 245 221 Total fixed assets $1,118 $1,035
McGraw-Hill/Irwin
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
Value versus Cost
Under Generally Accepted Accounting Principles (GAAP), audited financial statements of firms in the U.S. carry assets at cost. Market value is the price at which the assets, liabilities, and equity could actually be bought or sold, which is a completely different concept from historical cost.
金融英语2ppt课件
There are other important but less familiar financial markets, like the money market in which large sums are borrowed and lent for very short periods, and the foreign exchange market in which dealings in foreign currencies take place.
But there are also organized markets which provide facilities for economic agents to borrow and lend or to buy or sell securities. The main role of brokers and advisers is to help these organized markets to function properly.
everyday needs.
be aware of : 了解
For example, payments facilities through banks, convenient savings and access to home loans from building societies, and car, house, or life insurance.
In between lie the financial institutions and markets.
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